Agence France Presse

New Delhi, June 16:

The Indian government today allowed foreign funds to buy shares in listed domestic newspaper companies and said overseas groups will be able to print limited versions of their newspapers in the country. The decision further eased foreign investment in the country’s newspaper industry but holdings will be limited in all cases to a 26 per cent limit to ensure local ownership, information minister Jaipal Reddy told reporters. “The ceiling will remain,” Reddy said. In 2002, India allowed foreign firms to buy up to 26 per cent in newspaper joint venture publications and 74 per cent in specialty magazines and publications. In early June, it lifted the cap on specialty publications entirely. The editions of foreign newspapers will not be able to source local content or advertising, Reddy said. The announcement boosted prices of newspaper companies.